The J. Paul Getty Trust plans to issue $270 million in tax-exempt bonds this week to refinance existing debt and extend the suspension of interest-rate swap payments. The bonds, issued through the California Infrastructure and Economic Development Bank, are expected to price Tuesday.

In connection with the new issuance, the trust also plans to extend the suspension of payments on two swap agreements totaling about $270 million until 2031. After the sale, the trust will have about $1.1 billion in debt outstanding. The trust, which operates the Getty Center and Getty Villa, both offering free admission, attracts more than 1.4 million visitors annually.

The organization generates most of its revenue from a $10.1 billion investment portfolio. Moody's assigned the bonds the firm's top rating of Aaa, citing net annualized returns of 7.8% over the prior five years. The credit grader noted the trust's relatively complex debt structure.

The locations are also grappling with wildfire risk, including last week when a nearby blaze prompted evacuation warnings for the area around the Getty Center. The facility remained closed the following day. The trust continues to face lawsuits over land management ahead of the 2025 Palisades Fire.

The Getty Center is slated for a major renovation starting in 2027 to improve fire defenses, which will shut the facility for nearly one year. The overhaul includes plans to update the center's entrance with designs by Gehry Partners. The bonds are being underwritten by Jefferies, Morgan Stanley, Bof A Securities and TD Financial Products.